Andrew Bailey warned that artificial intelligence can pose a threat to global financial stability. The official, who spoke on the topic of cybersecurity, expressed concern about the impact the technology can have on global financial systems.
Bailey said that frontier artificial intelligence models are changing the "speed, scale and dimension" of cyber risk. This shift in traditional risk characteristics raises new challenges for the security of the financial sector.
The Governor of the Bank of England called for urgent measures to ensure "safe and responsible" use of artificial intelligence. His intervention comes at a time when concern is growing about the dangers associated with the accelerated development of this technology in the financial sector.
